Naira depreciates to N1,300/$ in official market

The Nigerian Foreign Exchange Market, or NAFEM, saw the Naira fall to N1,300.15 per dollar yesterday, topping the parallel market rate by N45.15.

According to FMDQ data, the indicative exchange rate for NAFEM increased to N1,300.15 per dollar from N1,234.49 per dollar last week Friday, implying a depreciation of N65.66. Similarly, the note fell to N1,255 per dollar in the parallel market from N1,1250 on Monday.

Naira

As a result, the difference between parallel market and NAFEM rates increased to N45.15 per dollar, up from N15.51 the day before.

Source: Vangaurdngr.com